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“Reports indicate much of this week’s heavy rains was immediately absorbed by the severely dry soils, with no runoff into empty dugouts or ponds,” according to today’s Drought Monitor Summary.

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Highlights of today’s ag futures markets.

Our Market Watch table features monthly and quarterly price outlooks along with weekly prices for a variety of ag markets.

China bought a total of 5.812 MMT of corn the week ending May 20, with 5.644 MMT of those purchases being new-crop.